As in previous years, the Czech Republic has the most favorable conditions among European countries for expanding production. According to the study conducted by Cushman & Wakefield real estate consulting company, Czechia ranks fifth in the world after China, India, the US, and Canada. Last year, the Czech Republic was fourth.
According to the study, Czechia performs well in all criteria, including operating costs, labor force, political and economic risks, and the ability to spring back after the coronavirus crisis. Czechia was number one in Europe last year, as well as the year before.
“The Czech Republic has traditionally been proud of its status as a country suitable for the manufacturing sector. The fact that it keeps this position is very good news for the whole economy and shows the country’s attractiveness. Several factors contribute to this, the most important of which are the strategic location within Europe, a skilled workforce, and a stable economic environment,” said Jiří Kristek of Cushman & Wakefield.
This year, the Czech Republic took fifth place in the ranking assessing risks, while it was seventh last year. In Europe, it was surpassed only by Finland, which was in fourth place.
The ranking also assessed countries’ ability to recover from the coronavirus crisis by monitoring population vaccination percentages and projected GDP growth. In this regard, Czechia placed in the second quartile of the countries with the best position for a restart. China, Ireland, and the Netherlands shared first place.
“Despite the slower start to vaccination, the Czech Republic is fast becoming one of the progressive countries striving to bounce back from the coronavirus crisis as quickly as possible,” Kristek explained.
The Cushman & Wakefield Manufacturing Risk Index rates each country based on 20 variables which result in three rankings assessing conditions, costs, and risks for production.
Title image: A worker checks a lung ventilator “Corovent” manufactured in Trebic, Czech Republic, Wednesday, June 17, 2020. AP Photo/Petr David Josek)
